Jefferies Raises Price Target On Caterpillar (CAT)

Jefferies & Co. is raising its price target on Caterpillar

to $95 from $85 after an exceptionally strong earnings report. It's maintaining its Buy rating. In a research note, Jefferies, writes, "CAT's beat and raise was positive, but a bit more modest than some of its industrial peers, and the stock has performed well year to date. We continue to see upside for the shares as the market gains more confidence in the company's $8 2012 EPS target. CAT generally trades at 12-14x earnings, suggesting 20-40% upside over the next 12-18 months." Shares of CAT lost 99 cents yesterday to close at $78.89.